Essentially, I wouldn't expect much out of Phenom II. If the rumors are indeed accurate, a die-shrink and more L3 cache won't make much of a difference when compared to existing Phenom processors. I don't forsee it matching Yorkfield and I don't even think Core i7 needs to be brought into the picture.
Every AMD thread degerates into a cost/performance ratio thread for some reason. That part does get old. However, relating to that topic, motherboards aside, Intel is very competitive with Phenom on a cost basis when comparing the Q6600 to any Phenom, and Phenom II is likely to be priced close to where we see the highest end Phenoms priced at today. In which case it won't be that far off from many of the Yorkfield Core 2 Quad's, and it will encroach on the Core i7 pricing for the entry level I7. In which case I don't think the Phenom II will compare favorably at all.
I'm going to have to agree with the fact that if a Phenom 2 is priced at around a Core i7 entry level processor it will not be competitive from a price/performance stand point. To keep me running AMD they would have to price just above the current Phenoms. At or just a tiny price below a Core i7 would be a failure on AMD's part.
I very much want to purchase a Phenom II but only for the right price.